Picture this.
A List Celebrity X files a million dollar suit against his former manager, accusing him of fraud, breach of contract, breach of fiduciary duty and federal racketeering statute violations.
Then imagine Starlet Y who sues her financial advisor, accusing him of fraud and blaming him for the millions she lost in risky investments. According to court documents, she accuses him of not informing her of the risk of investing over money in certain companies without being made aware of the risks.
You get it.
These are all real life stories; modern day parables on what not to do with your money.
It’s totally understandable and fair that these celebrities had busy lives and/or didn’t have the financial expertise to oversee the minutiae of their income and investments.
That said, you HAVE to be engaged in what could hurt you must – your income and reputation.
Not managing your money well, and/or handing over your complete trust to anyone but yourself, could erode your good name.
And your bank account.
So watch out for those little foxes, the little smaller aspects of your reputation – like handling your money well – which could set fire to your fields and turn it into ashes.
Insight Inspiration:
You don’t need to know it all, you just need to manage what you can.
One of the richest women in the world taught me that. Oprah signs all of her checks. She’s on top of every dollar she earns and spends.
Don’t overlook anything, demand answers on everything.
Ask the hard questions.
Sign your own cheques.
Keep track of all your money, accounts and funds.
Study up on investments before you make them.
Arm yourself with not just one, but 2-3 financial advisors in competing firms.
Spend thriftily.
Don't floss before you're a boss. AKA Don’t try and impress others with your dosh.
And best of all, be the end all, be all, of your income.
It goes hand in hand with your reputation and ultimately, your survival.
